In a move that signals a consolidation in the Indian online retail space, leading e-commerce company Flipkart has taken over Letsbuy, a strong cyber player in the consumer electronics category.

Even as the industry referred to the deal as an Amazon-Junglee effect, Flipkart co-founder and CEO of Sachin Bansal was quoted by Business Standard, ''the discussions have been on for some time. So it would be incorrect to say that it's a fallout of Junglee.''